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iStreet Network Ltd (524622)

📊 BSE: 524622 🏢 Internet & Catalogue Retail 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, iStreet Network's revenue was ₹43.3 Cr (+227.5% year on year, +4.4% on the previous quarter), and net profit ₹1.6 Cr (-36.3% year on year); the operating margin was 5.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹43.3	+227.5%	+4.4%
Operating profit	₹2.2	+222.7%	+192.2%
Net profit	₹1.6	-36.3%	+303.4%
EPS (₹)	0.22	-81.0%	+266.7%
Operating margin	5.0%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

BSE Approves Listing of 4,16,667 Equity Shares on Warrant Conversion

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 09 Oct 2026, 06:31 PM

iStreet Network Ltd has received listing approval from BSE Limited for 4,16,667 equity shares on October 09, 2026. These shares were allotted to non-promoters on a preferential basis pursuant to the conversion of warrants. The company previously witnessed a drop in promoter holding to 16.58% in June 2026 from 46.24% in March 2026, alongside ongoing equity expansion.

Received BSE listing approval for 4,16,667 equity shares.
Shares issued to non-promoter entities on a preferential basis via warrant conversion.
Approval letter reference LOD/PREF/SS/FIP/913/2026-27 dated October 09, 2026.

💡 Track the subsequent trading approval date and monitor upcoming quarterly shareholding patterns to assess non-promoter dilution impact.

iStreet Network Clarifies on Price Movement; Confirms No Undisclosed Material Events

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 06:25 PM

iStreet Network Ltd has submitted a clarification to BSE regarding the recent significant movement in the market price of its securities following a query dated August 28, 2026. The company stated that it is fully compliant with disclosure obligations under Regulation 30 of SEBI (LODR) Regulations, 2015. Management clarified that there are no pending or undisclosed material events or developments, attributing the price movement entirely to market conditions.

Responded to BSE surveillance clarification query dated August 28, 2026
Confirmed compliance with SEBI LODR Regulation 30 with no undisclosed material developments
Stated security price movement is subject to market conditions and beyond company control

💡 Track official exchange filings and fundamental operational performance rather than speculating on unsupported price volatility.

iStreet Network CS Pratibha Ranka Resigns Effective August 14, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 10:20 PM

iStreet Network Ltd announced the resignation of Ms. Pratibha Ranka as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP). Her cessation takes effect from the close of business hours on August 14, 2026, citing the pursuit of new opportunities. The company recently reported a revenue of Rs 43.33 Cr and a net profit of Rs 1.57 Cr for the quarter ended June 2026. An announcement regarding the appointment of a replacement is awaited to ensure continuous regulatory compliance.

Ms. Pratibha Ranka resigned from the post of Company Secretary and Compliance Officer.
Resignation is effective from the close of business hours on August 14, 2026.
The stated reason for departure is seeking new opportunities.
Company posted Q1 Jun 2026 revenue of Rs 43.33 cr and PAT of Rs 1.57 cr.

💡 Track the upcoming board meeting intimations for the appointment of a new Company Secretary and Compliance Officer to ensure compliance continuity.

4.16 Lakh Equity Shares Allotted on Warrant Conversion at ‡6 per Share

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 13 Aug 2026, 07:29 PM

iStreet Network Ltd has approved the allotment of 4,16,667 equity shares following the conversion of warrants by a public investor, Niranjan A. Shukla. The conversion was executed at an issue price of ‡6 per warrant, with the company receiving the balance 75% payment (‡4.5 per warrant) totaling ‡18.75 lakh. This follows the initial 25% payment made during the warrant allotment in November 2025. The total capital infusion from this specific tranche is minor, representing approximately 0.015% of the company's ‡123 crore market capitalization.

Allotment of 4,16,667 equity shares of face value ‡4 each upon warrant conversion.
Total cash received in this tranche amounts to ‡18,75,001, representing the final 75% of the issue price.
Warrants were originally issued on November 28, 2025, at a price of ‡6 per warrant.
Paid-up equity share capital increased from ‡28.48 crore to ‡28.65 crore post-allotment.
The allottee belongs to the 'Public' category, contributing to the existing low promoter holding of 16.6%.

💡 Investors should monitor the progress of the company's larger ‡50 crore fundraise plan intended for AI R&D and the scaling of its 'IndyGen Labs' initiative.

Rs 83 Cr Fundraise: iStreet Network Reports Zero Deviation in Fund Utilization for June 2026 Quarter

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Aug 2026, 07:00 PM

iStreet Network has reported zero deviation in the utilization of Rs 83.00 crore raised through a preferential issue in September 2025. For the quarter ended June 30, 2026, the company deployed funds primarily into Talent & Acquisition (Rs 1.76 Cr), Go-to-Market strategies (Rs 1.32 Cr), and Product Support (Rs 1.12 Cr). The total fundraise is highly material, representing approximately 67% of the company's current market capitalization of Rs 123 Cr. The Audit Committee and auditors have raised no adverse comments regarding the fund usage.

Total funds raised via preferential issue on September 26, 2025, amounted to Rs 83.00 Cr.
Zero deviation reported across all six original objects of the fundraise.
Talent & Acquisition saw the highest quarterly utilization at Rs 1.76 Cr against a total allocation of Rs 20.73 Cr.
Go-to-Market & Marketing expenditure for the quarter stood at Rs 1.32 Cr.
AI COE & Infrastructure utilization remains low at Rs 5.41 lakh for the quarter against a Rs 12.00 Cr allocation.

💡 Investors should monitor the pace of deployment in the 'AI COE & Infra' and 'Regional Expansion' segments, which have seen relatively low utilization compared to their large allocations (Rs 12 Cr and Rs 19.2 Cr respectively).

iStreet Network Submits Q1 FY27 Results; Promoter Holding Drops Sharply to 16.58%

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:52 PM

iStreet Network has filed its unaudited financial results for the quarter ended June 30, 2026, following a high-growth FY26 where revenue surged to Rs 98.02 Cr from Rs 6.04 Cr. A significant development in the June 2026 period is the sharp reduction in promoter holding, which fell to 16.58% from 46.24% in the previous quarter. The company is currently pivoting from retail to a product-intensive AI enterprise model, targeting the banking and defense sectors. While revenue growth is robust, operating margins remain thin at 3.8%, and the substantial promoter stake reduction warrants close monitoring.

Promoter holding decreased by 29.66% during the June 2026 quarter, falling to 16.58%.
FY26 annual revenue reached Rs 98.02 Cr, a 1,522% increase compared to FY25 revenue of Rs 6.04 Cr.
The company is targeting a Rs 50 Cr fundraise for R&D into India-centric Large Language Models (LLMs).
TTM Net Profit stands at Rs 5 Cr against a Market Cap of Rs 123 Cr.
Operating Profit Margin (OPM) for the TTM period is reported at 3.8%.

💡 Investors should examine the detailed Q1 FY27 P&L to see if the revenue run-rate of Rs 41.49 Cr from the previous quarter is sustained and investigate the reasons behind the ~30% promoter stake reduction.

Rs 1,050 Cr+ Related Party Transactions approved; Q1 FY27 results released

🔵 WATCH ⭐ 9/10

BOARD_MEETING 📅 13 Aug 2026, 06:03 PM

iStreet Network has approved massive Related Party Transactions (RPT) with seven entities linked to Director Padmanabhan Desikachari, with a limit of Rs 150 Crore each, totaling Rs 1,050 Crore. This aggregate limit is approximately 10.7x the company's TTM revenue of Rs 98 Crore and exceeds its current market cap of Rs 123 Crore. Additionally, a Rs 2 Crore RPT with CombatVerse (linked to CMD Uttam Dave) was approved. These transactions are subject to shareholder approval and coincide with a period where promoter holding has dropped sharply from 46.24% to 16.58%.

Approved RPTs with 7 entities for up to Rs 150 Crore each, totaling a potential Rs 1,050 Crore in business agreements.
Approved a separate RPT with CombatVerse Private Limited for up to Rs 2 Crore.
Total RPT authorization of ~Rs 1,052 Crore is over 10x the company's TTM revenue of Rs 98.02 Crore.
Appointed M/s. RDJ and Associates as Internal Auditor for the 2026-27 financial year.
Approved unaudited financial results for the quarter ended June 30, 2026.

💡 Investors should closely examine the explanatory statement in the upcoming postal ballot or AGM notice to understand the nature of these Rs 1,050 Cr transactions. Monitor the Q1 FY27 earnings performance to see if the 'product-intensive AI enterprise' transition is reflecting in margins.

iStreet Network Board Meeting on Aug 13 to approve Q1 results and allot 4,16,667 equity shares

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 07 Aug 2026, 08:17 PM

iStreet Network has scheduled a board meeting for August 13, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The agenda also includes the allotment of 4,16,667 equity shares to warrant holders upon conversion, which represents a minor equity expansion. Additionally, the board will consider and approve related party transactions. This follows a period of significant volatility in promoter holding, which decreased from 46.24% in March 2026 to 16.58% in June 2026.

Board meeting scheduled for August 13, 2026, to approve Q1 FY27 financials.
Allotment of 4,16,667 equity shares to warrant holders upon exercise of conversion rights.
Agenda includes the consideration and approval of related party transactions.
Company reported a significant revenue jump to Rs 98.02 cr in FY26 from Rs 6.04 cr in FY25.

💡 Investors should monitor the Q1 results on August 13 to see if the high revenue growth seen in FY26 is sustainable and scrutinize the details of the related party transactions.

1,100 Shares: iStreet Network Issues Duplicate Share Certificates

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 06:55 PM

iStreet Network Ltd has completed the process for issuing duplicate share certificates for a total of 1,100 equity shares. The request involves three folios belonging to Ashok Kumar Lahoti, Neeta Kanubhai Shah, and Abha Lahoti. This is a routine administrative procedure following the loss of original certificates, as per SEBI Regulation 39(3). The volume of shares involved is negligible compared to the company's total equity base.

Total of 1,100 shares processed for duplicate certificate issuance on August 07, 2026
Three folios involved: A001128, N000793, and A000577
New certificate numbers 66152, 66153, and 66154 have been assigned
The process follows SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8

💡 No action is required from general investors as this is a routine administrative update for specific shareholders.

10.83 Lakh Equity Shares Approved for Listing Following Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 01 Aug 2026, 11:53 AM

iStreet Network Ltd has received formal listing approval from BSE for 10,83,334 equity shares. These shares were issued to non-promoters on a preferential basis following the conversion of warrants. This administrative step completes a portion of the company's capital-raising efforts. Investors should note the recent significant drop in promoter holding from 46.24% in March 2026 to 16.58% in June 2026, which coincides with these equity issuances.

Listing approval received for 10,83,334 equity shares on August 01, 2026.
Shares issued to non-promoters pursuant to the conversion of warrants.
BSE approval letter (LOD/PREF/AP/FIP/591/2026-27) dated July 31, 2026.
The issuance is part of a broader strategy to raise capital for AI-focused R&D.

💡 Monitor the impact of equity dilution on EPS in the next quarterly filing. Observe if the increased public float leads to higher trading volumes or price volatility.

5,00,000 Equity Shares Allotted via Warrant Conversion at ₹6 per Share

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 10 Jul 2026, 05:01 PM

iStreet Network Ltd has approved the allotment of 5,00,000 equity shares following the conversion of warrants issued on a preferential basis in November 2025. The company received ₹22.50 lakhs, representing the remaining 75% (₹4.5 per warrant) of the total issue price of ₹6. This conversion increases the company's paid-up equity capital from ₹28.28 crore to ₹28.48 crore. The shares were allotted to two public category investors, Samit Kabra HUF and Mukesh Rathi.

Conversion of 5,00,000 warrants into 5,00,000 equity shares of face value ₹4 each
Receipt of ₹22,50,000 representing the balance 75% of the warrant issue price
Total issue price fixed at ₹6 per warrant/share
Paid-up equity capital increased to ₹28,48,00,012 post-allotment
Warrants were originally issued on November 28, 2025

💡 Investors should note the marginal equity dilution and monitor the utilization of the ₹22.5 lakh proceeds in upcoming quarterly filings.

View All 524622 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew from nil in the previous year to INR 603.75 lakhs in FY 2024-25, representing a 100% increase from a non-operational base as the company transitioned to AI and cybersecurity solutions.

Geographic Revenue Split

The company focuses on 'India-centric' solutions tailored for Indian data needs, with 100% of current operations and strategic initiatives like IndyGen Labs targeting the domestic enterprise and public sector markets.

Profitability Margins

The company achieved a Profit Before Tax (PBT) margin of 4.04% (INR 24.41 lakhs on INR 603.75 lakhs revenue), marking a significant turnaround from a loss of INR 12.92 lakhs in the preceding year.

EBITDA Margin

Core profitability improved as the company moved from a loss-making non-operational state to a profit of INR 24.41 lakhs, driven by a strategic shift to high-margin AI-driven and cybersecurity-focused products.

Capital Expenditure

The company has initiated a fresh capital-raising program of approximately INR 50 crores through Preferential Allotment of Equity Shares and Warrants to be utilized over 12 months for product development and infrastructure.

⚙️ Operational Drivers

Raw Materials

As a technology firm, primary inputs include Cloud Computing Infrastructure (AWS/Azure), specialized software licenses for integration (ColorTokens, Kaspersky), and high-skilled human capital (AI engineers and security analysts).

Import Sources

Software licenses and cloud infrastructure are primarily sourced from global technology hubs (USA), while human capital is sourced domestically within India.

Key Suppliers

Key technology partners and solution providers include ColorTokens (segmentation tools), Quilr (data-leak prevention), and Kaspersky (endpoint protection).

Capacity Expansion

Planned expansion includes scaling the proprietary AI education platform and enhancing backend technology infrastructure to support enterprise-scale deployments using the INR 50 crore raised capital.

Raw Material Costs

Total expenses stood at INR 581.32 lakhs (96.3% of revenue), with employee costs accounting for INR 4.27 lakhs (0.7% of revenue) and administrative expenses at INR 11.05 lakhs (1.8% of revenue).

Manufacturing Efficiency

Not applicable for software services; however, the company is focusing on 'predictive failure detection' via its HEAL platform to improve operational uptime for clients.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by transitioning from a product-light retail model to a product-intensive AI enterprise, raising INR 50 crores for R&D, and targeting high-regulated sectors like banking and defense with India-centric LLMs.

Products & Services

AI-powered AIOps platform (HEAL), Governance Risk and Compliance platform (Optimas), IndyGen Labs (LLM-based automation), and cybersecurity suites (ColorTokens, Quilr, Kaspersky).

Brand Portfolio

HEAL, Optimas, IndyGen Labs, IndyAstra.

New Products/Services

IndyGen Labs is building sovereign, Large Language Model (LLM)-based automation solutions tailored for Indian enterprise needs.

Market Expansion

Targeting Indian enterprises and public sector institutions seeking resilience, automation, and cybersecurity compliance.

Strategic Alliances

Strategic partnerships with IndyGen and IndyAstra for product integration and customer journey protection.

🌍 External Factors

Industry Trends

The industry is shifting toward the convergence of AI, cybersecurity, and compliance automation, with a current growth tailwind driven by increasing regulatory pressure on enterprises to secure digital infrastructure.

Competitive Landscape

Faces high competition from global technology giants (Microsoft, etc.) and domestic firms in the AI and cybersecurity domains.

Competitive Moat

Moat is built on specialized leadership (ex-Infosys Finacle architects and ex-RBI policy designers) and India-centric LLMs, which provide high switching costs for regulated industries like banking.

Macro Economic Sensitivity

Highly sensitive to India's digital transformation trends and regulatory mandates for data governance and cybersecurity.

Consumer Behavior

Enterprises are shifting toward predictive modeling and demand forecasting to automate knowledge processes and reduce operational failures.

Geopolitical Risks

Focus on 'sovereign' LLMs through IndyGen Labs aims to mitigate risks associated with global data dependency and international trade barriers in technology.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI Listing Regulations 17-27 and Schedule V; operations are influenced by RBI cybersecurity policies and data governance frameworks.

⚠️ Risk Analysis

Key Uncertainties

Historical perception risk due to prior classification under the BSE GSM framework may impact investor sentiment; talent retention in the competitive AI domain remains a critical challenge.